Issue - meetings

This report presents updates on the local financial climate, core business support work and Council-led initiatives, and includes an update on the state of the national and local economy, key account management work, progress against major milestones, and inward investment.

Resolved: That the contents of the Quarterly Economic Update report be noted.

Reason:     To support York’s ongoing economic work and understand how York is performing from an economic perspective.

The Executive Member considered a report providing updates on the local financial climate, core business support work and Council-led initiatives, and includes an update on the state of the national and local economy, key account management work, progress against major milestones, and inward investment. The Head of Economic Growth and Director for Housing, Economy and Regeneration were in attendance to present the report. The Head of Economic Growth detailed the report, highlighting that:

·        The number of people on payroll had increased.

·        The claimant count was 1200 above pre covid levels.

·        City centre footfall was 15% down. There had been spikes in footfall during the changing footfall restrictions. This figure was now levelling up.

·        There had been a successful visit from the Minister for Rail the previous day for the bid to bring GBR Rail to York.

·        The York Festival of Business was in development and 2000 businesses received the business bulletin.

The Executive Member then asked several questions about the update to which the Head of Economic Growth and Director for Housing, Economy and Regeneration explained:

·        How the claimant count had changed during different economic phases, including covid.

·        The background to the inward investment posts and the staffing structure for it. It was noted that the Head of Inward Investment would consider the resources needed to support this when they were in post.

·        The concerns raised by businesses at the business breakfast that morning. These concerns included the cost of doing business (particularly for sole traders), which was causing stress, impacting mental health and causing uncertainty. There was concern around skills recruitment and retention, with uncertainty being the common theme in concerns.

The Head of Economic Growth and Director for Housing, Economy and Regeneration then addressed the points raised by the public speakers. The Executive Member noted that the 10 year economic strategy was a draft strategy that included health implications within it. He asked the Head of Economic Growth and Director for Housing, Economy and Regeneration about the themes for the Business Festival and they explained that they would be working with partner organisations on this. Businesses were encouraged to email economic.growth@york.gov.uk for information on support for their businesses. The Executive Member then;

Resolved: That the contents of the Quarterly Economic Update report be noted.

Reason:     To support York’s ongoing economic work and understand how York is performing from an economic perspective.